Urban Outfitters, Inc. (URBN) Shares Gap Up on Strong Earnings
Urban Outfitters, Inc. (NASDAQ:URBN) shares gapped up before the market opened on Monday following a stronger than expected earnings report. The stock had previously closed at $25.35, but opened at $26.45. Urban Outfitters shares last traded at $27.90, with a volume of 9652300 shares traded.
The apparel retailer reported $0.41 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.08. The business had revenue of $892.77 million for the quarter, compared to analyst estimates of $860.64 million. Urban Outfitters had a return on equity of 13.26% and a net margin of 4.81%. Urban Outfitters’s revenue was up 3.5% compared to the same quarter last year. During the same period last year, the firm posted $0.40 earnings per share.
Urban Outfitters declared that its board has approved a stock repurchase plan on Thursday, August 24th that permits the company to repurchase $20.00 million in shares. This repurchase authorization permits the apparel retailer to repurchase up to 0.9% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.
A number of equities analysts have recently issued reports on the company. Deutsche Bank AG restated a “hold” rating and set a $18.00 price objective (down from $19.00) on shares of Urban Outfitters in a research report on Friday, August 11th. Oppenheimer Holdings, Inc. restated a “hold” rating on shares of Urban Outfitters in a research report on Tuesday, August 15th. FBR & Co lowered their price objective on Urban Outfitters from $24.00 to $16.00 and set a “neutral” rating for the company in a research report on Tuesday, August 15th. Royal Bank Of Canada raised their price objective on Urban Outfitters from $17.00 to $21.00 and gave the stock a “sector perform” rating in a research report on Wednesday, August 16th. Finally, KeyCorp raised their price objective on Urban Outfitters to $3.00 and gave the stock an “overweight” rating in a research report on Tuesday. Three research analysts have rated the stock with a sell rating, twenty-two have assigned a hold rating and ten have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $23.93.
Large investors have recently made changes to their positions in the company. Sun Life Financial INC bought a new position in shares of Urban Outfitters in the 2nd quarter worth approximately $151,000. LS Investment Advisors LLC raised its position in shares of Urban Outfitters by 12.5% in the 2nd quarter. LS Investment Advisors LLC now owns 9,488 shares of the apparel retailer’s stock worth $176,000 after acquiring an additional 1,052 shares in the last quarter. Invictus RG bought a new position in shares of Urban Outfitters in the 3rd quarter worth approximately $241,000. Pacad Investment Ltd. bought a new position in shares of Urban Outfitters in the 2nd quarter worth approximately $191,000. Finally, BT Investment Management Ltd bought a new position in shares of Urban Outfitters in the 2nd quarter worth approximately $196,000. 87.35% of the stock is owned by hedge funds and other institutional investors.
The company has a market cap of $3,145.91, a PE ratio of 18.48, a PEG ratio of 1.72 and a beta of 0.62.
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About Urban Outfitters
Urban Outfitters, Inc is a lifestyle specialty retail company. The Company operates through two segments: Retail and Wholesale. The Company’s Retail segment consists of its Urban Outfitters, Anthropologie, Free People, Terrain and Bhldn brands, whose merchandise is sold to its customers through retail stores, Websites, mobile applications, catalogs and customer contact centers.
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